Pharrell Williams has launched a new nonprofit designed to support Black and Latinx entrepreneurs called Black Ambition. The mega-producer announced the philanthropic venture on Tuesday (Dec. 2) and said in a statement that he was inspired by this year’s social justice movements to help create new opportunities for minority business owners.

“Recent events and tragedies have illustrated the always existent stark divisions in the American experience, and while entrepreneurship has long been a tenet of the American dream, marginalized people have faced long-standing barriers to success,” Pharrell said. “With Black Ambition, the goal is to help strengthen the pipeline of talented entrepreneurs and close the opportunity and wealth gaps derived from limited access to capital and resources.”

According to the statement, Black Ambition is particularly intended to help bolster Black and Latinx entrepreneurs in the technology, design, healthcare, consumer products and service spaces.

Along with nonprofit, Pharrell also launched The Black Ambition Prize and The Black Ambition HBCU Prize. Through both initiatives, Black and Latinx entrepreneurs can pitch their businesses to receive mentorship, feedback and win a variety of cash prizes — up to $1 million.

“Across the country, and with the help of our HBCUs, we see a future where ideas flourish, ruinous risk is diminished, and Black and Latinx entrepreneurs are positioned to realize America’s promise,” a post from Black Ambition’s Instagram account reads.

Pharrell joined forces with Virgil Abloh for the nonprofit. The Off-White founder will act as a member of the Black Ambition advisory team and also created the organization’s logo. Other companies and nonprofits offering support include Adidas, Chanel, the Chan Zuckerberg Initiative, the Rockefeller Foundation, Tony’s Chocolonely, the Visa Foundation and more.

On the music front, Pharrell recently got called into the Verzuz ring by Juicy J. The Three 6 Mafia member challenged Pharrell to go against him in the virtual series, but a battle hasn’t been confirmed yet.

See some posts from Pharrell’s Black Ambition below and find the organization’s website here.